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tv   Worldwide Exchange  CNBC  December 2, 2020 5:00am-6:00am EST

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workers and nursing home residence should be the first to get the vaccine whenever they're approved now you know the news of this tuesday, december 1s already of 2020, follow us on twitter a it is 5:00 a.m. in new jersey and your top 5 at 5:00 begins with breaking good news the uk authorizing pfizer's covid-19 vaccine doses will be available by the end of the year and will start to roll out next week. all the positive vaccine news helping stocks, the s&p 500 coming off its 27th record close of the year. this changes everything, no, not vaccines, what salesforce ceo marc benioff is saying about his company's biggest ever deal.unf
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trump threatening to veto what many consider the must pats defen pass defense bill. and joe biden speaking out over the trump trade war with china, his plans for tariffs in his first 100 days it is wednesday, december 2, this is "worldwide exchange." ♪ xw welcome from wherever in the world that you may be joining us i'm brian sullivan we'll have much more are on that very good news out of the uk on the pfizer vaccine it is what we have been waiting for. ahead of that, futures are actually lower a bit but don't read too much into that because that down move is likely just the impact of one stock
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salesforce it is down over 4% right now and being a $230 stock in a price weighted index, it has a lot weight on the dow. of course macro markets have a lot of tail wind right now another record for the s&p 500 tuesday. the s&p is up 13.3% this year. and we got so specific and that number may be important because listen to this, dare we say, random but interesting nugget from tom lee when the s&p is up between 10% and 15% on the year, the market has risen in december 100% of the time with the average gain 3.3% for the month and he was on "fast money" last night and he said this has actually occurred 13 times in 75 years. so 13 out of 13 times that we've had the same setup as right now, the s&p 500 has gone higher in december doesn't mean it will this month.
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hey, all streaks can be broken but history is on your side. speaking of higher, bond yields are on the move. for them, a huge move for longer dated bonds yesterday on stimulus speculation perhaps just an unwinding of certain trades ten year yield creeping back toward 1%. hardly high by historical measures, we know, but a lot higher than it was mortgage and car loan rates are also likely to move higher in the next couple weeks as the market shifts. around the world it is mixed, japan up again overnight, on pace for its send gain year in a row for the nikkei not a small feat for that index. both chinese indexes finished lower. similar trade in europe, a mixed bag. not seeing big moves in either direction. but let's get to the big breaking news. the uk today becoming the first country to approve the joints pfizer biontech covid-19 vaccine for general use. the vaccine which reported a
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phase three efficacy rate of more than 90% will be made across the country beginning monday that's right less than a week amid the approval, pfizer and biontech say they anticipate additional regulatory decisions around the world in coming days and weeks. the companies have already filed for emergency use authorization here in america and a final conditioning market approval application in the european union. this emergency use authorization in the uk will mark the first time citizens outside of clinical trials will have the opportunity to be immunized against covid-19 in july the companies announced an agreement with the uk to supply 30 million doses. that agreement was increased to 40 politicmillion doses in early october with delivery through the end of next year very good news for the folks in the uk let's continue on this market theec
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theme because no group of names has been hotter than the small caps many are wondering what is next. dan brewer from palisades capital management is joining us this vaccine news, very good news for folks in the uk likely coming here very soon as well so congratulations to tscientiss on this, we can see the light at the end of the tunnel. how do you think it will impact the markets going forward given that we've had such a gigantic month already? >> good morning, brian it is simply the most important thing -- most important factor that we have out there right now because the russell 2000 as i've said before is an reopening of the economy benchmark and we're reopening the economy. the vaccines allow you to reopen the u.s. economy the russell is a great measure of domestic activity within our economy. we're seeing the yield curve
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steepen, that is very pro cyclical the dollar is weakening, that is also very pro cyclical so early on in this whole process where you're seeing sporadic days or the blowout days where 80% or more of the benchmark would be in an up trend on a particular day, that was happening very sporadically in the early summer period now in the month of november, you had 4:1 days of 80% plus blowout days versus declining days so the whole construct of the russell has changed. even with 20% appreciation -- almost 20% appreciation in the month of november. >> and there is this group out there that is sort ofacolytes,
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will, meaning that once we got a the vaccine news which is pretty much where we are, waiting on final approval, it is going to come, the idea that that might be the peak for maybe a year or more why are they wrong >> well, it depends where you are looking for value. i think the setup for the russell 2000 is really exciting because again, we look at -- you know, the russell 2000 essentially is an equal weighted benchmark, much more an equal weighted benchmark than say the s&p 500 is right now so heading into next year, we could see the russell have tremendous up side growth. remember the last two plus years, the russell is only up about 4% you had valuation support, economically sensitive stocks like financials, namely banks, industrials, federals, those stocks only just recently started to move.
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so the setup is really exciting for those stocks that are just going to revert to the mean. we could have 15, 20, 30 percent type move in the russell benchmark in 2021. the s&p by contrast could do well, the average stock in the s&p could do quite well, but it would be masked in an index that is sort of the land of the giants so you have to get more economic sensitivity because our economy is about to reeopen and it is really ready to go >> and small caps underperformers much of the last two years, great performers in november, but expecting more to come dan, great to have you on the program. welcome to december. we made it appreciate it. now let's take a step out of
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the markets because there are a number of other stories also majoring news this morning president-elect joe biden telling the "new york times" that he will not immediately remove the tariffs on china. instead, biden says he intends to review the existing trade agreement and what heherent stry and president trump says that he would veto the $740 billion national defense authorization act unless it includes a measure eliminating protection for tech companies like facebook and twitter. he says, quote, section 230 of the law which is a liability shielding gift from the u.s. to big tech, parentheses the only companies in america that have it, corporate welfare is a serious threat to our national security and election integrity. our country can never be safe secure if we lieu allow to stand and that defense act has been
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passed annually for six decades a and one of few that is seen as a must pass because it governs everything from pay raises for the troops to how many aircraft should be bought and also investigating a pay for pardon possible scheme with parties funneling money to the white house in exchange for a presidential pardon. this as the "new york times" reports that president trump is considering preemptive pardons for some of his children along with jared kushner and rudy giuliani should they be needed a lot more do on this busy wednesday. when we come back, the big good news story of the day, the uk approving pfizer's vaccine, millions of doses available by the end of the year. so what is our time line here in the states and plus don't call it a comeback because it may not be one. why one analyst says some of the travel stocks are in trouble
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even when we start to travel again. and bob doll will lay out his bullish bet on markets and your money. dow futures off 91 it's down to the wire,
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the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work.
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i didn't know you were listening. well can blacan come back. uk is the first in the world to
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approve pfizer and biontech's covid-19 vaccine with rollout as early as this coming monday. back here in the state, some head winds remain not just for our own vaccine approval, but how states will pay for it all ylan mui is joining us >> now that the vaccine is finally almost here, states say they need federal funding to follow and fast. for months they have been warning that they need more financial help from washington in order to take on this unprecedented public health campaign and the estimated cost is $8.4 billion. health officials say that will help with things like buying august the supal the super cold freezers they need to store it, and they have to build up a technology to track everyone who has already gotten a shot and make sure that they come back for a second one. and they also have to market the vaccine to people who are eligible and reach out to those
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who are sceptical. but they say the biggest costs are hiring and training enough vo workers to administer the vaccine. >> unless we can figure out a way to get it into people's arms, it is not doing what we need to do and in order to get it in people's arms, we need to he radio krut, hire a recruit, hire and reimburse vaccinators, pharmacists, physicians, emts, et cetera. >> and dnationally congresdistr just $200 million, which amounts to about 60 cents a person additional funding has gotten wrapped up in the messy politics surrounding the broader relief package, but good news is that over the past 24 hours, tim hmom has been building on capitol hill to get more money out
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>> yeah, we can kind of see -- it will be a while, so how about this, how much is congress sending out to states for the vaccine and the possibility of another relief package would it be sort of bundled in possibly to that >> yeah, so the numbers vary depending on which proposal you are looking at yesterday we saw that mitch mcconnell proposed $32 billion for a vaccine distribution, development, as well as stockpiling the vaccine. and we also saw a bipartisan proposal from several lawmakers in both the house and the senate that proposed $16 billion for a vaccine distribution and development. so it does look like that it will be enough to give the states what they need for now. the question is will they pass it and approve it before the vaccine arrives here in america. >> and a lot of that, the cdc recommending that the first
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doses go to the frontline health care workers as they should, nursing homes and long term care might be next, i'd like to throw the teachers in there so we get the kids back to school, bruh maybe it depends on where congress puts itself on that vaccine list do we have when the 535 might be eligible for their dose while the rest of us wait? >> we don't know it certainly is responsible that some of the lawmakers might fall into a priority group just by who they are we know that many senators in fact are part of the more elderly population, so there is that but i also point out that congress was late to establish and to institute widespread testing in the capitol they said if america can't get access to this testing, we did not want to put ourselves ahead of where the american people are. so you may also see congress wait a little bit before they line up for that shot.
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>> very, very diplomatic answer. i would expect -- by the way, two senators i think were elected in the '70s. so your point is certainly well taken. ylan mui, thank you. have a great day still on deck, ditching the valley the latest company to say good-bye to the west coast for greener pastures in the south.
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welcome back and good morning. with vaccine hopes close and an expected return to some kind of normalcy coming in the spring, the stock market is showing a lot of love to what we call the g.o.a.t. stock, get out and travel but richard clark says the rally may stop here. he is initiating coverage on the sector and he is joining us. good to chat with you again. my first question, you're a hotels analyst, why are you initiating coverage on what i would consider internet companies? >> a good question the way we see it, the core business of these companies is hotel distribution
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[ indiscernible and i think this puts marriott in competition with trip advisor. and therefore i think that it makes sense to compare the sector against each other. >> you've got an underperform on bookings holding, but an outperform on trip advisor and with all due respect to the company, i kind of view them as the same company you obviously do not from an investment perspective what makes them different enough to have different recommendations? >> so i think bookings core busine business, booking hotel rooms and also sells rentals, but its main business is selling hotels. our view is that stock has rebounded pretty much fully from pre-crisis levels.
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and now can have longer term positioning. and our view is that there are some challenges coming into that space. the hotel sector is consolidating. trip advisor is a different business its core business is meta search and that has been in decline already. so that is priced in and what we think the market is missing there is the diversification into being an experiences platform, advertising revenue stream and the restaurants business just easier to do that if you are a mid-sized $1.5 billion revenue company like trip advisor rather than a $15 billion large company like bookings in so you like trip advisor, don't like bookings holdings and how much does google play
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into this? if i go into google and i search for marriott chicago, google puts their own sort of reservations date boxes up first. i mean, they are kind of prioritizing themselves. how much do they play into and disrupt what those companies you mentioned are trying to do >> and that is well understood for the businesses like trip advisr hotel chicago, but google platform at the top gives the hotel ability to self distribute, whether marriott or an independent hotel, through that google platform so that means we expect more drenkt bo direct bookings in the future. >> richard, appreciate you coming on. initiating coverage on some of
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the travel stocks, but it is not wine and roses thank you very much for joining us still ahead, much more on the big breaking news on pfizer. the vaccine becoming available to the british public in just five days. a live report from london is coming up. [ whispering ]
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what's this? oh, are we kicking karly out? we live with at&t. it was a lapse in judgment. at&t, we called this house meeting because you advertise gig-speed internet, but we can't sign up for that here. yeah, but i'm just like warming up to those speeds. you've lived here two years. the personal attacks aren't helping, karly. don't you have like a hot pilates class to get to or something? [ muffled scream ] stop living with at&t. xfinity can deliver gig to the most homes.
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overnight the uk becoming the first country to approve pfizer and biontech's coronavirus vaccine for general use, doses could come as early as this coming monday. former health and human services official will break down what it means for the global race. and salesforce not slacking with its latest deal shelling
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out over 27 building for a hot young company, but investors don't like it. and pandemic relief back in the spotlight, steve liesman will lay out potential common ground between jay powell and steve mnuchin trying to help struggling americans and main street it is wednesday, december 2 and this is worldwide exchange welcome back and good morning. thank you very much to joining us on what is a big news day, a big day period for the world because we've got big breaking news out of the united kingdom pfizer and biontech's vaccine approved for general use and will be available as soon as this coming monday and in the meantime futures are not read acting much, but salesforce out with its first
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quarterly results in buying slack is pretty 67 apretty muche drop salesforce down 4.5% and in a price weighted index, it is almost all the dow futures so 29 stocks could rise today and the markets might be flat. of course the made being crow m macro markets have a lot of tail wind as tomorrow lee and his funds advisers team rolled out this interesting historical fact, when the s&p 500 is up between 10% and 15% for the year, the market has ri67b in december 100% of the time with an average gain much 3.3% in the month tom was on "fast money" last night and he said this has occurred 13 times in 75 years. so 13 out of 13 times, we've had that same setup.
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and the s&p has gone higher in december again, doesn't mean that you will you, but 100% of the time by my math, that is all of the time speaking of higher bond yields on the move as well. stimulus speculation, some trades ten year creeping back toward 1% we know hardly high by historical measures, but certainly a lot higher than it was. watch for mortgages and maybe car loan rates to start to creep higher over the next couple of weeks. all right. let's get to the big three stock stories. stock number one, salesforce announcing its biggest deal ever the company is buying chat software maker slack for more than $27 billion in a cash and stock deal and speaking with jim last night, marc benioff laid out the importance of the latest buy in the multiyear deal spree >> slack changes everything. and makes salesforce a whole new type of company.
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a company that is truly arc teblg arc tenkted to work from anywhere. now with slack, it super charges our approach and lets all of the customers rearchitect their workforce to be truly from anywhere >> stock number two, box, the cloud and internet company shares are down 5.5% despite quarterly results beating on the top and about the line revenue guidance for the current quarter of 197 million just shy of analyst expectations. stock three, jetblue, selling more stock it will use the proceeds of the sale for, what else rngs what they always say, general corporate purposes now back to the big story this morning for the uk and really for the world uk approving the sdwroint fe pf
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vaccine. they anticipate additional regulatory decisions around the world having already filed for applications here in the u.s. and in the eu. the emergency use authorization in the uk will mark the first time citizens outside of the clinical trials will now have an opportunity to be immunized and vaccinated against covid-19. back in july, the company announced an agreement with the uk to supply up to 30 million doses of the vaccine, that number boosted to 40 million by early october with delivery through 2021 for more now on this big story, let's bring in julianna tatelbaum in london. congratulations to the folks in the uk you wake up to this new, i'm sure for a lot of people it might put tears in their eyes. tell us about distribution, tell us about the prioritization of who gets it.
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>> brian, it absolutely feels like a historic moment it is enormous achievement for the uk so let immediate bring you the detail the uk has secured 40 million doses set to come to the united kingdom between this year and next year. so that is enough to vaccinate 20 million people given this is a two companidose regime. vaccinations can begin next week and we heard this morning that there will be three different delivery mechanisms. first to hospitals, then advantage sinvaccination centern community rollout which means practitioners and pharmacists will offer the vaccinations. and we've been hearing the last half an hour from the british medicine regulator answering questions around the vaccine approval process happy to go into some details
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there, but within that, the key takeaway is the prioritization of people who will be getting access to these vaccines first >> similar to what the cdc of course has recommended here? we've mentioned those that are elderly, in nursing homes. and there is also a question of seeing guidelines of thosewith pre-existing conditions age 16 and up do we know what those might be and i mean this with all seriousness, obesity is a huge company more bh-morbidity and i epidemic so you wonder where those lines on distribution may be drawn it will be a very difficult contentious i would imagine and probably politically and even ethically fraught discussion >> what became very clear during this press conference was that they came up with this list, this prioritization list, based
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on an estimated risk of dying from covid-19. that is what they determined to be the best determinant of who should get these vaccines first. and this is very strongly associated with age. the single most important factor but the other conditions that you mentioned are also important. so that will have gone into the calculation around who gets the vaccine first. so the first order of priority, residents in a care home for older adults and their career, then all those 80 years of age and over, as well as frontline health and social workers. and then the list continues from there. so age still the most important determinant who gets the vaccines first >> and i guess they will be going down by five year groups, 80, 75, 70, working their way down as well as those with pre-existing conditions between the ages of 16 and 64. so it has to be ethical, but it also has to be equitable this can't be something that is only available to the rich and
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powerful, not just in the uk, but fleglobally as well jewel julianna, we appreciate it >> and let's bring in former deputy assistant secretary of health and human services. chris, thanks for coming on. congratulations to the folks in the uk it won't come tomorrow, we understand that, but they are on their way. when are we in the u.s. going to be on our way, when can we expect authorization here? >> for so long we've been struggling wondering when this virus could end. and the good news is we finally have some hope the fact that we're on the cusp of getting these vaccines out and that is a testament to the pharmaceutical industry in the united states. i think i'm a little concerned that the u.s. will be second to the uk the united states with the global powerhouse that it is and the food and drug administration 14507 shouldn't be second to anyone,
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but hopefully it will be in the coming days. there was a report out yesterday that we could see the pfizer vaccine start shipping around the country as early as december 15th >> and distribution will be very difficult here in the united states lot of the stuff is very off the record i was on a call about it last week i will say that we can expect wide scale it is 2ri baudistrib next coming week and months. and priorization lists will exist here as well frontline workers, those risking their own lives, they will be first, long term care. other than that though, how do we ensure equitable and ethical distribution here? >> i think that is a great question and i think a lot of the decisions that the federal government has made is really to leave it up to states to make those decisions. so it wouldn't surprise me to see south dakota did something different than new york and
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california so we won't have a one size fits all national policy at least through the remainder of the trump administration to say exactly this is who gets it and what it will mean. there will be recommendations from the cdc, but really it will be relying on governors in states across the country to ensure that it gets out to people equitably going forward >> in the meantime as i've told my kids, we've just got to get through the next few months. no doubt this is amazing news. we can see the light at the end of the tunnel. but the next couple week and months especially in the cold dark upper midwest and northeast where we cannot be outside could be tough, hospitalizations are up how do we get through the next few months we know outcomes have gotten a lot better, we've learned a lot about this, mostly survivable, but there will be a lot of pain in the near term, is there not >> yeah, there will be you know, to use "game of
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thrones," winter is coming, but the good news is that we see the dragons, in this case the vaccine out to clear out the death walker so that is a good thing at this point. so we see hope and for a long time, people said, well, we're not going to turn the corner on the vaccine, so just to get it, if i get it, i get it or turn the corner on the disease. but good news is we now know there is a light at the end of the tunnel and if we can get through the next several months, we can see the positive direction we're approaching 100 thou o100 hospital hospitalizations. so that is real people that will be impacted. so i think what it boils down to, we just have to have hope, we have to focus on the fact that we will turn the corner, we just have to be dill xwenigent little while longer. the problem will be the holiday
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season >> i know, and a million people traveling. chris meekens, it is a big day for the world. we appreciate you joining us thank you very much. >> thanks. and coming up, the morning rbi and some tough lessons for investors that were forced to learn one of the biggest stock stories in american history and today has a big part of that story. but as we head to break, some of your other top stories, a cdc panel vote that had health workers and nursing home residents will be the first to receive that covid vaccine once cleared for public use china's foreign ministry is criticizing the u.s. over what it calls discriminatory policies against chinese companies. those comments coming amid expectations that the house of representations will pass a bill this week blocking some chinese companies from listing their shares on the u.s. exchanges unless they had here to certain
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auditing standards by the way the same standards that u.s. companies have to do and walmart is dropping the $35 shipping minimum for members of its subscription service starting friday. back in a moment
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welcome back jay powell and steven mnuchin are set to face lawmakers once
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again today to talk about their efforts to bolster the american economy. their testimony yesterday coming as president-elect joe biden formally introduced his own economic team including treasury pick janet yellen. steve liesman joining us with more on what we can expect and take us behind the scenes. do powell and mnuchin actually have a relationship? >> they have a pretty good one at least until this last flash point. i'll talk about that in a second but first i want to get to this idea here. president-elect joe biden as you said introduced his new economic team yesterday, joined a chorus of key washington players calling for new relief from the pandemic but while there is agreement on the need for new money, there is as yet no new agreement. >> right now the full congress should come together and pass a robust package for relief to address these urgent needs but any package passed in a lame
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duck session is likely to be at best just a start. >> the market likes that talk of a bigger package and first comments, his pick for treasury secretary janet yellen signaled that the biden administration will focus on minorities and women and those hardest hit by the pandemic. >> so many people struggling to put food on the table and pay bills and rent it is an american tragedy. and it is essential that we move with urgency >> so her soon to be predecessor steve mnuchin agrees with the need for new relief as did fed chair jay powell meanwhile a bipartisan group of senators unveiled ed a $908 bio compromise bill, but later in the day, senator mcconnell unveiled his bill that does not have democratic support.
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so with millions about to lose benefits and face evictions, president-elect, yellen, mnuchin, along with a lot of democrats and many republicans all agree on the need for new relief, but that as yet is unaccompanied by similar talk of compromise that would put money in people's pockets. i guess the president is sort of on his own riff about overturning the election so he doesn't seem to be a major player here. and i don't hear the compromise on the issues of state and local funding along with mitch mcconnell also sort of reviving the old thing about almost complete immunity by businesses from any lawsuits by employees >> hopefully they can at least come together on some kind of vaccine distribution plan. but let's gee bao back, we talkh monetary policy. i think that we both need to move to d.c. because i think the
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next ten years might be decided by fiscal policy as much as monetary whatsay you? >> it should be. and certainly i think there is agreement from the fed, there is agreement from most economists that the bulk of the heavy lifting for the relief for this pandemic should be on the fiscal side because the fed's tools are 4ri7 limiteded, they are already doing $120 billion a month of asset purchases. but also because those kind of tools are not well suited for the kind of relief that is needed i think the issue though, and i did not have much fiscal policy to cover after the tax cuts by the trump administration, because there is just no agreement in congress. they disagree on state and local aid, they disagree on how much is needed, how long it is needed, it could be just another four years of deadlock the way it was in the 3 1/2 years after the tax bill was passed by
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trump. >> maybe, but i'll be optimistic because it is vaccine day, steve, and why not which is that congress has not been more close in terms of the balance since 1919 over 100 years, steve. hard to believe. maybe we'll get there. i want to be optimistic. thank you. on deck, bob doll will lay out why he says what the risks are that he sees, rather, for potential very toe vest potentis for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin gold bond ♪ should auld acquaintance be forgot ♪ ♪ and never brought to mind
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for skin as alive as you are... don't settle for silver ♪ gold bond champion your skin time for your morning rbi. let's talk about a company that became one of the fastest growing companies in american history. energy it was called enron and it went
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from being a natural gas company to a fancy energy trader, the market loved it. and in august of 2000, it traded at $90 a share giving it a market cap of about $70 billion and making a lot of employees and investors very rich. and the execs became superstars. then the bottom dropped out and fraud was discovered enron turned out to be mostly a big con. and 16 months later, the stock was at 25 cents. from $90 to a quarter. and on this day, december 2, 2001, enron filed for the largest bankruptcy in american history up until that time it wiped out the company and thousands of jobs and all that is left now is just a few trinkets like this hat 19 years ago today, december 2, enron filing for bankruptcy. hard to believe but true and a lesson that even some of
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the smartest folks out there can be fooled sometimes. random but interesting and hopefully not relevant again. but that is all in the past. let's talk about the future and bring in bob doll. you and i were probably interviewing together by the way on that day or at least leading up to it, but let's focus on happier times. 92% of the s&p 500 according to your own data is now above its 200 day moving average we've been hugely strong is there a risk of a pullback, maybe significant one, in the coming months? >> significant, i don't think so smaller one, possibly. maybe probably but in the meantime, the risk is more to the up side. you know those ad damages as well as anybody, didn't fight the fed, don't fight the tape. the fed, not thinking about
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raising rates, they are to do whatever is necessary. if the fiscal guys can't get it together, they will do more. don't fight the tape, you cited the fun statistic earlier. here is another one for you. november was the best november since 1950 if you look at the top ten, number two through nine, seven of them up, two of them down average gain 3.2%. the path of least resistance is higher now, we're overbought. there is no question about it. you look at investor intelligence, call ratios, at some point we'll have a pullback the path of least resistance i think is still higher. >> and we just talked to steve liesman about the potential for fiscal support and fiscal policy and i know i try to be optimistic about congress because a lot of people don't realize that we actually have the most narrowly divided
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government in more than 100 years. which means that they will have to likely work together. are you optimistic we might get something, whether it is infrastructure, fiscal support package, whatever it might be, from this congress and the incoming president-elect >> first thing to point out we didn't get the big blue wave and markets were fearful of that the 7% decline in the market the week before the election, brian. that is people taking money out. when the blue wave comes and the market goes down, i'll put it back in. of course we didn't get the blue wave we won't get the radical $4 trillion increase in taxes, $6 trillion increase in spending that was in the democratic platform, we'll get things more at the margin. remember, joe biden and mitch mcconnell spent a lot of years together in the senate i hope they have a lot of
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breakfasts, lunches and dinners and try on to figure out what can we godo at the margin to moe things forward the election january 5th will have a lot to do with this democrats win both of those, we'll get a bigger stimulus bill the republicans win even one of them and mitch mcconnell's $500 billion bill will be more there. so we'll get something, we just didn don't know what yet. >> and there are long standing relationships and a few beaks ago, i think i tweeted out that the 15 longest serving members of congress have a combined 535 years in office. that is just the top 15. so hopefully they have been able to build some relationships in that time. any sector that you like more than others? >> i think the action in the market is in the common factors. and you've covered this. for almost a decade, you wanted to be big u.s. defensive
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xwrooegrowth stocks but i also need some small value cyclical international names portfol portfolio. and so more interesting rather than so monolith thick where we were for too many years. >> bob dl ool doll, appreciate r time and before we let you go, just crossing the tape, citigroup is raising its target price on disney to 175 and that is a new street high. citi cites the expected recovery in core business of parks and movie studios. of course with vaccines, we can ghe to the parks again and as well as continued multiple of disney plus. thank you baby yoda. that does it for us. it is a big day out there, folks. hope you have a great one, we'll
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see you tomorrow it's down to the wire, the team's been working around the clock. we've had to rethink our whole approach. we're going to give togetherness. logistically, it's been a nightmare. i'm not sure it's going to work. it'll work. i didn't know you were listening.
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good morning breaking news on thevaccine front, pfizer/biontech covid vaccine approved in the uk and rollout set for next week. and why joe biden says he will not immediately remove the trump era tariffs on china and find out what walmart is doing to take its battle with amazon to the next level it is wednesday, december 2, and "squawk box" begins right now. ♪
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good morning, everybody. welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin. and if you have been watching, it was a day for the record books once again u.s. equity nuts up pretty significantly, s&p the setting a new record as was the nasdaq yesterday. the dow was up by about 400 points at on


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